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                                  [Letterhead]


                                                                    EXHIBIT 23.5



 
                    INDEPENDENT AUDITORS' CONSENT AND REPORT ON SCHEDULE
 
To the Board of Directors of Airplanes Limited
and the Controlling Trustees of Airplanes US Trust
 
     Under date of June 26, 1997, we reported on the balance sheets of Airplanes
Limited and Airplanes US Trust as of March 31, 1996 and 1997, and the related
statements of operations, changes in shareholders' deficit/net liabilities and
cash flows for each of the years in the three year period ended March 31, 1997,
which are included in this Registration Statement on Form S-1. In connection
with our audits of the aforementioned financial statements, we also audited the
related financial statement schedule in this Registration Statement on Form S-1.
This financial statement schedule is the responsibility of the companies'
management. Our responsibility is to express an opinion on this financial
statement schedule based on our audits.
 
     In our opinion, such financial statement schedule, when considered in
relation to the basic financial statements taken as a whole, presents fairly, in
all material respects, the information set forth therein.

     We consent to the use of our reports included herein and to references to
our firm under the headings "Summary Combined Financial Data", "Selected
Financial Data" and "Experts" in the Registration Statement.
 

                                                   KPMG
                                                   Chartered Accountants
 
Dublin, Ireland
December 15, 1997